Exhibit 99.1

February 18,
2011

Mr. Lynn
A. Peterson
Kodiak Oil & Gas Corp.
1625 Broadway, Suite 250
Denver, Colorado 80202

Dear
Mr. Peterson:

In
accordance with your request, we have estimated the proved reserves and future revenue, as of December 31, 2010, to the Kodiak Oil & Gas Corp. (Kodiak) interest in
certain oil and gas properties located in Colorado, Montana, North Dakota, and Wyoming. We completed our evaluation on February 16, 2011. It is our understanding that the proved reserves
estimated in this report constitute all of the proved reserves owned by Kodiak. The estimates in this report have been prepared in accordance with the definitions and guidelines of the U.S. Securities
and Exchange Commission (SEC) and, with the exception of the exclusion of future income taxes, conform to the FASB Accounting Standards Codification Topic 932, Extractive ActivitiesOil
and Gas. Definitions are presented immediately following this letter. This report has been prepared for Kodiak's use in filing with the SEC; in our opinion the assumptions, data, methods, and
procedures used in the preparation of this report are appropriate for such purpose.

We
estimate the net reserves and future net revenue to the Kodiak interest in these properties, as of December 31, 2010, to be:

Net Reserves

Future Net Revenue ($)Category

Oil
(Barrels)

Gas
(MCF)

Total

Present Worth
at 10%Proved Developed Producing


3,667,301


3,621,835


197,770,700


109,120,600Proved Developed Non-Producing


89,095


31,183


2,329,600


935,500Proved Undeveloped


6,253,963


5,307,160


207,032,400


51,072,200Total Proved


10,010,359


8,960,178


407,132,700


161,128,300


The
oil reserves shown include crude oil and condensate. Oil volumes are expressed in barrels that are equivalent to 42 United States gallons. Gas volumes are expressed in thousands of
cubic feet (MCF) at standard temperature and pressure bases.

The
estimates shown in this report are for proved reserves. As requested, probable and possible reserves that exist for these properties have not been included. This report does not
include any value that could be attributed to interests in undeveloped acreage beyond those tracts for which undeveloped reserves have been estimated. Reserves categorization conveys the relative
degree of certainty; reserves subcategorization is based on development and production status. The estimates of reserves and future revenue included herein have not been adjusted for risk.

Future
gross revenue to the Kodiak interest is prior to deducting state production taxes and ad valorem taxes. Future net revenue is after deductions for these taxes, future capital
costs, and operating expenses but before consideration of any income taxes. The future net revenue has been discounted at an annual rate of 10 percent to determine its present worth, which is
shown to indicate the effect of time on the value of money. Future net revenue presented in this report, whether discounted or undiscounted, should not be construed as being the fair market value of
the properties.

For
the purposes of this report, we did not perform any field inspection of the properties, nor did we examine the mechanical operation or condition of the wells and facilities. We have
not investigated possible environmental liability related to the properties; therefore, our estimates do not include any costs due to such possible liability. Also, our estimates do not include any
salvage value for the lease and well equipment or the cost of abandoning the properties.

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Prices
used in this report are based on the 12-month unweighted arithmetic average of the first-day-of-the-month price for
each month in the period January through December 2010. For oil volumes, the average West Texas Intermediate spot price of $79.40 per barrel is adjusted by lease for quality, transportation fees, and
regional price differentials. For gas volumes, the average Northern Natural (Ventura) spot price of $4.393 per MMBTU is used for the Montana and North Dakota properties and the average Questar Rocky
Mountains spot price of $3.923 per MMBTU is used for the Colorado and Wyoming properties. These average regional spot prices are adjusted by lease for energy content, transportation fees, and local
price differentials. When applicable, gas prices have been adjusted to include the value for natural gas liquids. All prices are held constant throughout the lives of the properties. The average
adjusted product prices weighted by production over the remaining lives of the properties are $69.15 per barrel of oil and $5.067 per MCF of gas.

Lease
and well operating costs used in this report are based on operating expense records of Kodiak. These costs include the per-well overhead expenses allowed under joint
operating agreements along with estimates of costs to be incurred at and below the district and field levels. Headquarters general and administrative overhead expenses of Kodiak are included to the
extent that they are covered under joint operating agreements for the operated properties. Lease and well
operating costs are held constant throughout the lives of the properties. Capital costs are included as required for workovers, new development wells, and production equipment. The future capital
costs are held constant to the date of expenditure.

We
have made no investigation of potential gas volume and value imbalances resulting from overdelivery or underdelivery to the Kodiak interest. Therefore, our estimates of reserves and
future revenue do not include adjustments for the settlement of any such imbalances; our projections are based on Kodiak receiving its net revenue interest share of estimated future gross gas
production.

The
reserves shown in this report are estimates only and should not be construed as exact quantities. Proved reserves are those quantities of oil and gas which, by analysis of
engineering and geoscience data, can be estimated with reasonable certainty to be economically producible. Estimates of reserves may increase or decrease as a result of market conditions, future
operations, changes in regulations, or actual reservoir performance. In addition to the primary economic assumptions discussed herein, our estimates are based on certain assumptions including, but not
limited to, that the properties will be developed consistent with current development plans, that the properties will be operated in a prudent manner, that no governmental regulations or controls will
be put in place that would impact the ability of Kodiak to recover the reserves, and that our projections of future production will prove consistent with actual performance. If the reserves are
recovered, the revenues therefrom and the costs related thereto could be more or less than the estimated amounts. Because of governmental policies and uncertainties of supply and demand, the sales
rates, prices received for the reserves, and costs incurred in recovering such reserves may vary from assumptions made while preparing this report.

For
the purposes of this report, we used technical and economic data including, but not limited to, well logs, geologic maps, well test data, production data, historical price and cost
information, and property ownership interests. The reserves in this report have been estimated using deterministic methods; these estimates have been prepared in accordance with the Standards
Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers (SPE Standards). We used standard engineering and geoscience methods, or
a combination of methods, including performance analysis, volumetric analysis, and analogy, that we considered to be appropriate and necessary to categorize and estimate reserves in accordance with
SEC definitions and guidelines. A substantial portion of these reserves are for undeveloped locations and therefore are based on estimates of reservoir volumes and recovery efficiencies along with
analogy to properties with similar geologic and reservoir characteristics. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering and
geoscience data; therefore, our conclusions necessarily represent only informed professional judgment.

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The
data used in our estimates were obtained from Kodiak, public data sources, and the nonconfidential files of Netherland, Sewell & Associates, Inc. (NSAI) and were
accepted as accurate.
Supporting geoscience, performance, and work data are on file in our office. The titles to the properties have not been examined by NSAI, nor has the actual degree or type of interest owned been
independently confirmed. The technical persons responsible for preparing the estimates presented herein meet the requirements regarding qualifications, independence, objectivity, and confidentiality
set forth in the SPE Standards. We are independent petroleum engineers, geologists, geophysicists, and petrophysicists; we do not own an interest in these properties nor are we employed on a
contingent basis.

Sincerely,NETHERLAND, SEWELL & ASSOCIATES, INC.Texas Registered Engineering Firm F-002699/s/ C.H. (SCOTT) REES IIIBy:C.H. (Scott) Rees III, P.E.
Chairman and Chief Executive Officer/s/ DAN PAUL SMITH



/s/ JOHN G. HATTNERBy:



By:Dan Paul Smith, P.E. 49093



John G. Hattner, P.G. 559Senior Vice President



Senior Vice PresidentDate Signed: February 18, 2011

Date Signed: February 18, 2011DPS:AHA


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